On July 20, 2018, TCF settled with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) regarding administration of its overdraft opt-in program between 2010 and 2013. The settlement requires TCF to pay $25 million in refunds to certain customers who opted in to overdraft services between 2010 and 2013, paid overdraft fees that were not waived or refunded, and otherwise meet criteria specified in the CFPB- and OCC-reviewed refund plan.
On November 16, 2018, the CFPB and the OCC agreed TCF should begin implementing the refund plan. This plan defines how refund payments are distributed and the amounts each eligible current and former account holder are paid.
Current and former customers do not need to take any action to receive refund payments.
Eligible current customers received a statement credit to their TCF account in December 2018. Eligible former customers will be mailed a check in January and February 2019. Only account holders who are eligible for refunds received an account credit or will receive a check.
The settlement fully resolves litigation with the CFPB and regulatory matters with the OCC related to TCF’s overdraft opt-in processes and practices.